He noted that bitcoin transactions are not only costly and that “all the fees are hidden through cypto-mechanisms” as he flatly laid out the bank’s stance.

Mr Gledhill said: “We don’t think DBS being that game right now is going to create a competitive advantage for us.”

Instead, he said that the bank prefers to focus on its electronic transactions of government-back currencies.

While DBS, which is Southeast Asia’s largest lender, has a long track record of implementing new technologies in his processes, Mr Gledhill said that right now, it’s a “watch and learn” situation with bitcoin.

Bitcoin slumped to $5,507 on Sunday (Nov 12) after reaching a record high of $7,877 last week, but it’s showing no signs of slowing down.

The firm, DRW, has been in the bitcoin game since 2014, and already regularly facilitates bitcoin trades in the $1 to $5 million range with trades in the $20 to $50 range being viewed as the “gold standard” ceiling.